Cryptocurrencies
Tether Is the Most Used Stablecoin in Illicit Crypto Flows, TRM Says
- About 1.6% of Tether volume linked to illicit activity in 2023
- Sanctions cut the value of criminal transactions using Tether
The token known as USDT was linked to $19.3 billion of illicit transactions in 2023.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Tether was the most used stablecoin for criminal activity in crypto last year, a period when the overall volume of illicit transactions in the sector fell as more digital-asset outfits faced sanctions, according to TRM Labs.
The token known as USDT was linked to $19.3 billion of illicit transactions in 2023, down from $24.7 billion the previous year, blockchain analytics company TRM Labs said in a report and emailed responses to questions.